Georgian Billionaire Sells Russian Property for $983 Million

May 16 (Bloomberg) -- Georgian billionaire Bidzina
Ivanishvili sold his Russian property assets for $982.5 million,
part of plans to raise more than twice that amount through asset
sales in the country.

Russia’s B&N Group bought residential and commercial
properties in a transaction that’s due to close by Aug. 15,
according to a statement today on the website of Ivanishvili’s
managing company, Unicor. He won’t comment on the deal, Nona
Kandiashvili, his spokeswoman, said today by phone.

Ivanishvili, 56, whose wealth Forbes magazine estimated at
$6.4 billion in March, said in a November interview that he
wants to raise as much as $2 billion by selling his Russian
assets. He sold lender Rossiyskiy Kredit Bank last week for $352
million. The RBC Daily newspaper reported May 12 that he’d also
sold his Doctor Stoletov pharmacy chain for as much as $70
million.